It will be interesting to see how the new governance structure deals with NFT proposals and awards the OP tokens this cycle.
One thing I was wondering is why are all the tokens being distributed through quest3 instead of some other type of method for a growth experiments grant ?
It’s hardly experimental if this is just a scaled up version of the last grant that was received.
I see 1000 new holders for your project were formed during the last incentive rewards program but that doesn’t necessarily contribute towards the overall growth of the optimism network with bringing new users onboard from outside the ecosystem which is what these grants are specifically intended for.
Also these numbers seem really low for 50,000 tokens that were distributed via rewards. If the goal is to distribute tokens in a way that it creates a larger impact than the profit that was made there would be no relation to the holders of the project. I would much rather see a major focus on how many users joined the network due to the tokens being distributed instead of the individual project itself.
This only seems to be beneficial for the previous holders of the project who take profits from new members who are required to purchase an NFT on secondary market in order to receive a token reward.
Thanks for the comments. We use Quest 3 because they support Optimism and have an interface that can be used to easily review submissions as well as community features. Because I am working on a new collection and our dev is working on a new exchange it makes sense to outsource where we can and in this instance they are quite reputable, although If there are alternatives we would be open to explore them.
Gaining 1,000 holders in 10 weeks is actually quite a feat given we are a 10k collection. The main purpose of the Quests is to promote our art and create community engagement. When people post their excercises on twitter it directly benefits Optimism as a form of social signalling. What we propose is no different from a DeFi protocol giving out OP to its LPs. But for NFTs liquidiy is built on a social consensus and the NFT itself is “stake” in the community.
It is essential that we support NFT projects on Optimism. The largest NFT exchange Quix is shutting down and the Optimism Quests have ended. Many NFT projects have flatlined because of this yet despite this OptiChads has survived and has grown as an original art project exclusive to Optimism. Investing in the NFT community is a very efffective allocation of capital for Optimism. Liquidity in the NFT ecosystem will benefit other projects as many of our holders are active traders. Other chains such as Solana and Polygon have seen tremendous growth in NFTs. The same is possible for Optimism but only if we invest in our NFT ecosystem and communities. Our proposal was created so that we could do our part in making that happen.
I can’t help but feel that if we were a DeFi protocol offering a generic liquidity mining incentive no one would bat an eye, but because we are an NFT project there is extra scrutiny. It absolutely benefits Optimism for there to be an active NFT community. Sucessfull projects bring in collectors, investment, and capital, all of which are needed for the NFT market to grow. Optimism needs to have blue-chip projects so that secondary producs such as aggregators, marketplaces, games, and lending protocols can be built around NFTs as they have on other chains.
On your last point the rewards don’t benefit only previous holders. It’s per person so there is no way that having 10 more NFTs would get you more reward than someone who holds 1. I have spent hours a week personally filtering all submissions to prevent gaming the system. The campaign is designed to allow anyone to be a holder for free. Usually after the 3rd week the OP earned would exceed the value of the NFT. I hope people can see the value of this proposal.
It seems odd that Fractal Visions is calling into question the progress that the OptiChads project has made, while his project(s) have lost over 90% of their value. Fractal Vision’s last post in the OptiChads discord was this. If he loves it this much, then everyone else must as well! Change my mind.
If the profit of royalties made from secondary sales driven by the token rewards takes away from the impact over profit model that is all that comes to mind. One key thing that I see missing from your grant unless I completely missed it is that you also made donations to RPGF correct???
That would be crucial metric to include that would affect the way that you’re project operates with the tokenomics of the rewards outweighing the profit!
I commend you for doing so. I am also looking at every single Defi protocol that has submitted a proposal for building or growth with as much scrutiny as any others so please do not feel like there’s any special treatment here because you are submitting an NFT project.
I am a bit more familiarized with the process to help structure the grants for this category of applicants and may comment more on projects related to NFTs or gaming in an effort to create a rigorous and healthy conversation here for the governance council.
I was definitely curious whether you had explored any other options for a token rewards program and I do see that Galxe protocol has a coming soon option for this.
Also being a nice partner for brand awareness with a similar format to quest3.
I appreciate your efforts and have watched your community grow steadily. I’m sure that you will be able to figure out a way to impact the ecosystem more than the profit of the project itself.
We’ve donated over 7E so far to retropgf.eth. I highlighted this in our first proposal right now there is very little coming in from royalties which is my only source of income. In reality I would have been more profitable at McDonalds than NFTs but I am confident this will change someday. I think fine art and the promotion of health and wellness is itself a public good which is why I created OptiChads.
For our next collection I plan to donate 50% of the mint to the Malala fund which helps girls get educated in countries where it is difficult I think this can also bring awareness to Optimism NFTs.
We’ve donated in the past multiple times and we will in the future although I’d like to bring awareness to a new charitble cause with every subsequent mint. On another note profit is super important. It attracts traders, and fuels exchanges. Without profit the system fails, people leave, and entities such as Quix close their doors. An NFT ecosystem is only sucessfull if creators, traders, and exchanges all make money. Our mint was super cheap at .0015E because I realized our success would be contingent on traders turning a profit. This came at my expense, but it was for the good of the ecosystem, and than I donated 50% of the mint on top of this.
In a bear market we have to work 10x as hard for 10x less reward. For anyone who questions our resolve I would invite them to look at the OptiChads traits and consider how long it would take for a single man to craft something like that in his moms basement.
I agree the amount of work and effort put into making a project along with all the art and maintaining it over time far outweighs the amount of profit that was made!!!
Putting a hyper focus onto projects that donate to retroactive public goods is definitely a priority that needs to be made and appreciate the thoughtful response here related to initiatives beyond the retroactive public goods funding that you will be donating to in the future.
Thanks everyone, for the support and comments. Your bright smiles and huge muscles are a testament to the Proof of Workout® (@MSilb7) consensus mechanism Optimism has created with our help. Much love to those of you reaching out to the L1 fanboys and getting your monstrous set of friends and family involved and showing them what web3 is all about, and for enabling us to bridge the gap between health and tech.
In the last 5 weeks of challenges last time, you guys were so eager to show off your glorious bodies that we would often run out of OP to give out each week in just a few hours. Often times, I would go to bed and wake up and that week’s quest would be over. We always wanted to target the timezones where most of our holders lived, but there just was not enough OP to distribute and many were left out - like the 10 pound barbells at the end of the rack. We changed the time we would release the next quest a few times, but the result was always the same. Too many Chads were left behind. Our community grew like our biceps and the newest of Chads were left out the most. That’s the main reason we are asking for more. We want to be able to give everyone enough time to fit the weekly quest in with their normal workout routine, and show off to other gym bros that OptiChads get paid to workout.
That’s really what this is all about. Growth. Wether it’s a financial or physical or social gain, we make it together. We just hosted a workout in the metaverse in Atlantis’s OP Stadium earlier this week and saw the same kind of effect. Some Chad wannabes (Atlanteans) mentioned they would like us to host the workouts at different times of day so they don’t miss out.
So here’s the deal, my bro. We see the need to keep pumping up around the clock, around the world, and around web3. We hear you. Vote us up and bust out those gym shorts that show off your freshly glistened thighs because it’s gonna happen. Let’s keep momentum going and show the other chains how OP does it.
I think that it would be quite the opposite effect of the ideal distribution of OP rewards. You are suggesting that those 1,000 new holders of Optichads are a positive impact on the OP stack, yet, the key should be the quality, amount, and contribution of those new OP Delegators. 50k tokens is quite a small amount for let’s just say 5k people considering the quests initiated to distribute them. It did not create mercenaries, if these 1,000 OP holders came and left there could be an argument against it, but because they came and stayed possibly even entered the governance ring themselves the distribution was clearly - undeniably positive.
OptiChads have had nothing but a positive impact on not only the OP NFT community, but on the Optimism blockchain as a whole. The project started with 5 dudes who had one goal: create a product that improves people’s welfare (through our promotion of health and fitness) and give back to the blockchain we launched from (donation to public goods).
In such a short amount of time we were able to achieve both of these goals with incredible success. Our previous grant of 50,000 tokens was delegated straight to the community as @DistractionBoy has said, improving their gains both physically and financially. It enabled us to extend our reach of our project to people who are unfortunate enough to have no discovered us.
With this new grant we would be able to give back so much more to you amazing people that have been with us on this journey, and your biceps will definitely thank you for it!
I did not suggest that the 1,000 holders did not have any positive impact on the network. I said that it was a low amount in comparison to the tokens that were distributed.
The growth experiment category is intended for onboarding as many users as possible while ensuring their human identity & authentication.
Please do not misconstrue my words and twist them into something that is not accurate.
And what do you mean exactly when you say “ the key should be quality, amount, and contribution of those new OP delegators.”
Can you please explain this a bit more for me ?
I don’t understand what exactly it is that you are trying to describe in this statement.
I am curious because of this users comments.
@Dicaso do you have data showing how many of the users for the token rewards were new or first time users of the network in comparison to how many had already used the network?
As well as data showing how many of those users both new and existing are still holding the tokens & OptiChads NFT now that the distribution has been completed. Those would be great analytical points to show the retention rate of the users for your project.
I am sure the 1000 holders had a positive impact and hope that you will stay Optimistic !!!
At the time we were distributing the OP it was floating around 90 cents. The USD value was a 10th of our current marketcap, and 1/5th our volume. We are the #1 PFP project in sheer numbers of sales on OP (see attached image) and #4 NFT project in marketcap in ALL OF OPTIMISM so to suggest that our progress was a “low amount in comparison to the tokens that were distributed” is highly opinionated as well as a blatant mischaracterization and lie.
We have about 2,884 holders today so the retention rate has been around 85% from the top. We are one of the only 2 NFT projects verified on Opensea, comfortably sitting at ATH, and doing top volume daily. This is true today and LONG after the quests finished over 2 months ago. I don’t feel the need to tell you how great we are because all of this data is publically avalible on the blockchain. I’m just an artist so I I can’t pull the data you are asking for (without paying someone or waiting a few days) but I invite you to please DYOR.
I understand and appreciate the response.
By no means do I expect you to provide any further information for the proposal in such a short timeframe.
This type of research to discover user behavior for the other grantees who are applying is really interesting to me.
I have definitely suggested the use of quest3 to many others due to the OptiChads project as well utilizing the platform for our own campaign in progress. So you can go ahead and associate that with the growth of the OP ecosystem as well if you want.
Optichads strong and unique project, big thanks to Optichads who onboarded me into the Optimism chain, i was thinking to move my liquidity after completing OPquest until I discovered this amazing NFT collection and decided to stay Optimistic.
I could only participate in 3 Optichad quests and only could claim 1, due to little reward amount relative to demand.
I hope this request will be aprouved so we can give more visibility to the project and to OP network, more prooofworks posted on twitter more web3 healthy habits more people into Optimism and really more Optimistic blockchain users
By reading an article, I came to know about some Layer2 networks. Then I tried Arbitrum Network because a project offering airdrop. But never tried Optimism before I came to know about Optichads Quest. That’s the first time I tried optimism and bought an Optichads. Every week, continuously, I was getting OP rewards. Then I called my friend to join with some did at that time because the Op price was 90c not that much at that time and they were not comfortable to try a new network. But recently after the $OP became 2$ then everyone start regretting why they didn’t join. Now everyone who never used Optimism bridged their ETH from mainnet to Optimist and bought Optichads Nfts. They are hoping to join Optichads Quest also. By contunuously using a network in loop, they felt love for it. Especially when they make a good amount of profit from a Project of that network.
If you can’t see that much growth in the chart and questioning about it’s effect on helping Optimism’s growth. Did you guys joined Optichads quest? When Dicaso announce the quest whatever the time is people just rushed to complete the quest. Last few weeks, It took maximum 5 - 7 hours to fullfil 714 slots. I love Optichads and never leave it even knowing that there will be no more quests. Only a few people leave about 15% and that’s normal.
If I talk about the profit, An Optichads holder earned almost 50 $OP token which currently worth 150$. At that time it was around 50$ and Optichads Nft was valued at 15$-20$. I sold some OP and bought more Optichads and hold and delegate rest of the OP token to participate in governance voting.
to say that there wasnt new user that were unboarded is very unacurate, there are people alot of people i know that they’re first experience with blockchain tech was with optimism, so the quest did not only onboard to optimism but it also helped with mass adoption to crypto and thats the ultimate goal. stay optimistic ser